Blockchain in Healthcare

Decentralized Computing Changing the Industry

This report provides a comprehensive outlook and analysis of blockchain technologies used to improve the healthcare industry. It explores different scenarios, solutions and new approaches that could have a big impact in healthcare.

100+ Pages, PDF DownloadOptimized for SmartphonesOne-Year of Updates Included

The Big Picture

You have probably heard that the digital health market is booming. In the U.S. alone, companies raised $7.4 billion in 2019, according to Rock Health. The same source has found that $3.1 billion was invested in the first quarter of 2020 - before the COVID-19 pandemic.

And it's not just an American thing only. Another source, StartUp Health, claims that a total of $13.7 billion was invested in digital health companies across the world in 2019. They have also summed up all the investments since 2010 - and have found that, so far, a whopping $70 billion was invested in this sector!

Add the coronavirus pandemic to the mix and you get a market that is steaming hot with companies both big and small fighting for their piece of the ever-growing pie.

Our goal is to provide you with useful information so that you too could participate and compete. Whether you want to start brand new or grow an exiting digital health business, we think we could help. That's where our reports kick in. Read on for details...

Report Introduction

Blockchain is one of those buzz words you can hardly miss in the media these days. Yes, it was propelled to the public imagination with the rise of Bitcoin and other cryptocurrencies, but the technology can have many other uses cases beyond moving money from one side of the planet to the other.

In fact, it is now in minds of many tech giants and even governments which can clearly see blockchain's power to transform how businesses operate by decentralizing business models, creating more efficient processes, and providing a more secure and reliable way to exchange data.

The healthcare industry is one of the sectors where blockchain can really prove its worth. For one thing, it can reduce the liability and accuracy concerns related to the exchange of medical data, while providing cryptographic security to protect patient identity "out of box." Eventually, every patient will have its own "data wallet" to store and manage his/her medical records, and provide third parties with access to that data when needed.

Beyond health records, the technology could also be used to automate many administrative tasks in healthcare, thus removing human errors in areas such as payment processing and claim adjudication, which in turn could lead to improved accuracy and reduced costs.

Another use case for blockchain is in the supply chain management, where a decentralized network could help medical supplier and pharmaceutical companies better track how their products are moving from the production facilities around the world to a local pharmacy and to the patient.

And that's just a start... In this research brief, we'll take a look at some of the use cases for blockchain in the healthcare space. As the possibilities of and interest in the technology grow, more companies will be jumping on the bandwagon, creating even better solutions some of which we may not be able to imagine today. And that, we think, is what the idea of progress is all about.

11 Sectors That Could Be Improved with Blockchain

Blockchain can reduce the liability and accuracy concerns related to the exchange of medical data, while providing cryptographic security to protect patient identity "out of box." Eventually, every patient will have its own "data wallet" to store and manage his/her medical records, and provide third parties with access to that data when needed.

Here are 11 sectors in healthcare that could be improved with blockchain (and we go in more details in the full report):

1. Supply Chain ManagementIn the healthcare space, supply chain management (SCM) solutions are employed by manufacturers of pharmaceuticals, medical devices, and other healthcare supplies and equipment. Compared to regular, centralized solutions, the one based on blockchain improves traceability, contract enforcement & management, damage & mishandling management, oversight on counterfeiting, auditing, and at the end -- consumer trust, with end-users being able to learn the ins and outs of an item they are looking to buy.

2. Health Records Management
Blockchain's ability to use time stamping to authenticate changes to a dataset, even if more than one user has permission to edit a document, is said to be ideal for managing Electronic Health Records (EHR) data. In fact, current EHR systems were not designed to manage multi-institutional, life-time medical records. In contrast, a blockchain-based system puts the patient in the driver's seat, letting him/her authorize third parties such as doctors and nurses to access and modify their health records. Also, it is the patient who is able to let health systems share these records with other organizations.

3. Population Health
Generally speaking, on the other end of most EHR solutions is the population health "module." And with a blockchain-based EHR, organizations across the healthcare spectrum can potentially get access to higher quality data, which should then aid their population health efforts while making sure patients get more personalized treatments.

4. Patient Matching
A blockchain-based system can meet the needs of master patient ID as long as there is consensus on what the requirements should be. And that's arguably the harder part -- for all the parties to agree on what constitutes a global or universal patient ID, and later implement it in their respective solutions. Then, once an agreement on a starting point for patient ID is reached, blockchain can meet those needs and be flexible enough to keep up with the pace of change.

5. Patient Engagement
When the patient data is stored in a blockchain, it can be easily and safely moved between existing physician and patient data silos, all while offering improved data management and security. In addition, because of the technology's underlying structure, a blockchain-based solution could offer digital incentives to encourage patients/users to complete certain fitness activities and take charge of their own healthcare, with their efforts earning them tokens.

6. Care Coordination
Blockchain as a decentralized ledger can play an important role to store not only patient data but also all encounters a patient has with healthcare providers. Such, unifying solution could go beyond "basic" health records to include longitudinal data to the mix, linking and connecting all care provider encounters and communication through a single platform.

7. Genomics
Compared to the popular services like 23andMe and Ancestry, a blockchain-based system could include end users in the equation, allowing them to control their own genomic data and profit from sharing it. In this scenario, users would get discounted rates for whole genome sequencing if they agree to share their data to third parties. This in turn could lead to an increase in the amount of genomic information available for analysis from where machine learning algorithms would kick in to find correlations between genetic variants and diseases from these larger data sets.

8. Insurance Claims Processing
The current system entails all brokers and insurers involved in an insurance contract independently running all of the checks, thus creating significant duplication and delay in the placement process which impacts the client. With blockchain, all the relevant data is stored in one place and available to those who require access, removing the need to check the same data multiple times. Moreover, the system could be developed to use smart contracts to "tune into other blockchains" to further streamline procedures, and shorten the application process from an average of 45 days to near real-time.

9. Clinical Trials
Clinical trials are said to be among the best use cases for blockchain. For start, blockchain acts as an ultimate data notary, storing and securing data as it happens. It provides a safe environment that is virtually impossible to hack, infringe or steal -- while making auditing that much easier. In addition, a blockchain-based system can streamline patient recruitment, consents and use smart contracts to automate many of today's manual tasks. For instance, a simple mechanism could be deployed to automatically move patients from one group or one phase to the other once certain conditions have been met.

10. Fighting the Opioid Epidemic
A few experts have suggested that blockchain could be a useful tool in combating the opioid epidemic. For start, the technology's ability to improve supply chain management makes it ideal for keeping a close eye on opioids (and any other drug for that matter), tracking them from production down to local pharmacies. Also, a blockchain-based system could also aid in population health efforts of hospitals, health systems and governments; helping them better control the outbreaks.

11. Security
Storing and securing data in a blockchain across multiple nodes could prevent ransomware attacks. If a hacker manages to get hold of one computer in the network, there are always others that contain the same data. And even with all the data from the blockchain at hand, a hacker could do little without private keys. That's the whole point, to encrypt the data so it falls into the wrong hands -- it can't be misused, all while having reserve copies on other nodes in the network.

All It Takes Is a Single Idea...

You can hardly remove yourself from the digital health revolution. Whether you're a health professional, software developer, advocate or a government employee -- this emerging trend is hard to miss. Heck, at some point, all of us will experience (and benefit from) digitized healthcare as patients.

Our reports will help you get to know the market. You'll learn about specific segments of the digital health market, new and emerging technologies, who the main players are, and more.

All it takes is a single idea to help you:

Find a new partner

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That single idea alone will easily justify your purchase of our report(s). If you want to pay for them at all. Cause, if instead of buying an individual report -- you can go for the Premium Membership and get all our reports for free for 7 full days. That's our free trial offer, and even then -- you can ask for a refund after 30 days.

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Is This The Report For You?

DHbriefs reports are made for today's busy people; let us mention the three big groups:

Pharma
You probably already know Big Pharma is investing millions in digital health technologies. After all, it is easier and more affordable to launch a digital therapeutic than develop a brand new drug with all the lab work and trials, let alone regulatory requirements, that come included with a brand new drug launch.

Payors
Digital health apps and services provide insurance companies and other payors with tools they could offer to their customers so they could lead healthier lives. As a result, payors get to save money and offer better, more personalized services -- i.e. the more you walk every day, the lower premium you end up paying. Ultimately, such incentives also lead to better outcomes.

Software developers
With the growth of digital health, we saw many non-traditional players entering the space -- software developers being one of them. They see there's money to be made by helping doctors and hospitals digitize their businesses while providing patients with that much better services. In that sense, our reports help software developers find their niches in the market and even potential partners.

And that's not all...

We are also confident that our reports will help other parties, including (but not limited to):

Investors in the (digital) healthcare or those looking to enter the space

Contract Research Organizations (CROs)

Healthcare business analysts

Savvy physicians looking to familiarize themselves with modern technologies

Government-employed healthcare professionals

The NGO sector involved in the healthcare space

As well as for everyone else looking to advance his/her career by being ahead of the curve.

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Jennifer WilsonMassachusetts, USA

"Me and my web dev team were looking to enter the digital health market but didn't know where to start. We've searched the internet and read all we could but it was overwhelming and hard to grasp. Your [Senior Care 2.0] report helped us select the niche we want to compete in and now we're back in development mode with our first product launching in 6 months. Thanks a ton. Well worth the money!"

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The main idea behind our reports is to save time and consequently money. We did the research, spent hours and hours consolidating all the different information, and summed it all up for you. We are sure you have more important things to do - why bother with research when you can have everything delivered to your iPad, computer, or whichever device you happen to use.

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There are no doubts that digital health technologies are booming. The question is not whether you should get "in"; the question is can you afford NOT to. Get our report and never look back. There is a 30-day money-back guarantee so you have nothing to lose. And even a 7-day free trial with our Premium Membership (that includes access to all our reports).

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